Maximize Your Savings With Solar Loans

During your quest for a good price on solar, it's smart to weight your options if you need a line of credit to make the switch to solar.

In the past, cash-strapped potential solar panel customers found it to be difficult to find enough financing to cover panels. However, the solar primed global market of today, there are many options of lenders to seek to find your perfect way of finding a great price on solar. Credit Unions and banks are offering ways to finance your panels; also, and some energy companies are offering no interest financing deals. Find your great price on solar below.

Solar Financing vs. Home Equity Loans

Solar lending plans share many similar terms and conditions as other home improvement loans. Collateral, credit scores, and proving financial ability to repay the loan are still first and foremost the main objectives of securing the money. Most banks know that installing solar on homes will increase the value right away, so they are more willing to loan out the money for these types of home improvements.

Well priced panel financing deals are similar to home improvement loans that homeowners have used for decades to build a deck or add a second bathroom. When a homeowner borrows money from a lender, they agree to pay it back, plus interest, in monthly installments over the loan term. Some banks have different lengths and interest rates available to homeowners, so it is a good idea to shop around for the right deal for your life at this moment.

Banks and credit unions have their versions of the home equity loan. It is a great way to use the home itself as collateral to procure a loan to install solar. Installing increases the value of their house, and every bank knows this. If you have right to excellent credit, and you don’t have a lot of credit card debt, most banks will give very favorable rates and terms for these loans and explore what your bank can do for you is an excellent opportunity.

Many well known financial institutions and banks separate their home improvement loans and their mortgages, but one company has decided to combine the two. Guild Mortgage is a mortgage company out of San Diego, that now offers a home loan and solar loan combination, a first in the country. This loan allows potential solar candidates to buy a solar system when they purchase their very own dream house. Homeowners in existing homes who want to add solar can use this Guild mortgage to refinance their loan so they can get solar. The great thing about this loan is it offers an immediate return by saving you money on your electricity bills right away, even as you repay the loans.

Utility Companies

As societies of our world move toward renewable energy, precisely as we go solar, utilities are paying close attention because they know that they have no other alternative. Here in California Pacific Gas and Electric, one of the significant energy services in the state offers a zero percent loan on panel installations on the home, and many others are following suit. Check with your local utility service houses, and ask a lot of questions so that you can get the best panel price available.

There is a critical variance between panel loans and other home improvement loans to follow. This difference is the panel loan allows you to own an appreciating asset that also generates its financial value. That means those panels decrease your utility bill to $0 or close to it while increasing the value of the home. This piece of information is vital to your purchasing clarity. This scheme comes even before you factor in the 30 percent federal investment tax credit and other applicable rebates and incentives like renewable energy certificates (SRECs). While a throne room or observatory addition is an excellent addition to your home, they do not offer the same type of financial benefits as does a great priced panels.

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